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    smashley27's Avatar
    smashley27 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 16, 2007, 03:18 PM
    Am I still considered a Dependent for Tax purposes?
    I am 21-years-old, and I lived with my parents until mid-September of 2006. From 2002 through November of 2006, I was a full-time student, working full-time in summers and from May 2006 through the end of the year. On my 1040, can I claim 1 exemption for myself, or am I considered a dependent of my parents?
    ATYOURSERVICE's Avatar
    ATYOURSERVICE Posts: 246, Reputation: 13
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    #2

    Mar 16, 2007, 09:46 PM
    Yes, they can still claim you as a dependent. If you make less then $10K a year you don't even have to file taxes. You will get dingged if you file and they file you as a dependent.
    See a tax preparer though. I am sure there are ways around it.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Mar 19, 2007, 11:09 AM
    AtYourService:

    Where did you come up with the less than $10K figure?? If Smashley lets his parents claim him, the standard deduction is only $5,150, which means taxes would be owed on as little at $5,500.

    You are right that his parents can still claim him (though this is the last year for that).
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